The Department of Finance (DOF) is actively pursuing the removal of tax exemptions for pickup trucks that are not essential for small business operations. According to the DOF proposal, the reintroduction of excise tax on pickup trucks marketed as "lifestyle passenger vehicles" will significantly...
Finance Secretary Ralph G. Recto vowed to enhance government enforcement actions against tax evaders to provide support to the Bureau of Internal Revenue (BIR) in boosting its tax collections. At the BIR’s National Tax Campaign Kick-off event, Recto has assured the unwavering support of the...
The Bureau of Internal Revenue (BIR) posted a record-breaking collection of 2.5 trillion last year, but fell short of the target due to adjustments in value-added tax (VAT) filings and deadlines. On the sidelines of the national tax campaign kickoff on Thursday, Feb. 8, BIR Commissioner Romeo...
With the onset of the busy tax season, we note of the Ease Of Paying Taxes (EOPT), which was made into law last Jan. 5, 2024. President Marcos, however, vetoed one provision on the withholding of taxes by microenterprise, but the rest were approved. As of this writing, we are still waiting...
The Bureau of Internal Revenue (BIR) has added 21 medicines for conditions like diabetes and hypertension to the list of those exempt from value-added tax (VAT). BIR Commissioner Romeo Lumagui Jr. said that two cancer drugs, five for diabetes, two for high cholesterol, five for hypertension, four...
The Bureau of Internal Revenue (BIR) has clarified that not all online sellers are obligated to follow the government’s withholding tax regulations. In a statement, the BIR said that electronic marketplace operators and digital financial service providers, such as Lazada and Shopee, are required...
The Department of Finance (DOF) has stated that the expected revenue from the "refined" five tax reform proposals will fall short of the initial projections made by the agency. Finance Secretary Ralph G. Recto said late Friday, Jan. 26, that the projected revenue gain of P213 billion from the...
The Department of Finance (DOF) plans to push for approval of five pending tax measures in Congress within this year to raise around P213 billion by the end of President Marcos' term. In the absence of new tax proposals, Finance Secretary Ralph G. Recto said the DOF will continue to push for the...
E-cigarette and vape manufacturers and distributors in the country are in favor of the Department of Finance's (DOF) efforts to improve tax collection efficiency and pursue tax evaders, including those involved in the vapor products sector. In a statement, Joey Dulay, Philippine E-cigarette...
The Bureau of Internal Revenue (BIR) is intensifying its tax efficiency by actively reaching out to business owners to discuss their tax responsibilities, with the goal of enhancing its collection performance for the year. The Nationwide Tax Compliance Verification Drive (TCVD), which runs from...
Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. said that imposing withholding tax on online transactions will not increase the price of goods in online marketplaces. As per the BIR Revenue Regulations No. 16-2023, withholding tax will be imposed on one percent of the gross...
The Department of Finance (DOF) has reported that the law providing tax relief for eligible companies has resulted in the creation of over 100,000 jobs for Filipinos since its implementation two years ago. Data from the DOF showed that total approved investments under the Corporate Recovery and Tax...
